Thermo Fisher Scientific, Inc. (NYSE:TMO) Q3 2019 Earnings Conference Call - Final Transcript
Oct 23, 2019 • 08:30 am ET
tariffs impact to be approximately $30 million, which is just over 10 basis points of margin impact and approximately $0.07 of adjusted EPS, no change from our previous guidance.
Moving below the line, we're now assuming year-end debt will be approximately $17.5 billion. Our net interest expense will be about $450 million, down $20 million from the prior guidance reflecting the benefit of our recent debt refinancing. And we're assuming other net income will be about $60 million, which is approximately $20 million higher than our July guidance reflecting additional benefit of non-operating FX realized in Q3.
We continue to expect the 2019 adjusted tax rate to be 11%, unchanged from our previous guidance. We're continuing to assume net capital expenditures will be between $925 million and $975 million for the year. Free cash flow is expected to be approximately $4.1 billion, no change from previous guidance. We assume a return about $300 million of capital to shareholders this year through dividends, no change from our previous guidance. And we now estimate our full-year average diluted shares will be approximately 403 million, approximately 1 million lower than our previous guidance reflecting the recently completed share buybacks.
My guidance does not assume any additional share buybacks this year and does not include any future acquisitions or divestitures.
In summary, we continued the strong performance we delivered in the first half of the year and achieved an excellent third quarter. We're very well positioned to achieve our goals for the year.
With that, I'll turn the call back over to Ken.
Kenneth J. Apicerno
Thanks, Stephen. Operator, we're ready to open it up for Q&A.